Looking at the trends for the beginning of the year it is clear that inventory is declining while prices keep rising-an expected outcome based on the principles of supply-and-demand. The following is a snapshot of Sonoma County and 3 specific cities in the North Bay that illustrate this development:
Sonoma County:
- 260 homes in inventory at end of January (51% below 1/2021)
- 310 new sales (27% below 1/2021)
- Days on market: 30 (Rohnert Park) to 103 (Cloverdale)
- Median price for closed escrows: $750,000 (14.5% up from 1/2021)
- Homes sold for 98% of original price
Santa Rosa:
- 85 homes left at end of January 2022 (66% down from 1/2021)
- 148 new listings (22% down from 1/2021)
- 135 closings
- Median price for closed escrows: $705,000 (14% above 1/2021)
- Average days on market: 54
Petaluma:
- 29 homes in inventory at end of January (6% below 1/2021)
- 29 new sales (33% below 1/2021)
- Median price for closed escrows: $827,000 (11% down from 1/2021)
- Average days on market: 38
Rohnert Park:
- 8 homes in inventory at end of January (50% down from 1/2021)
- 21 new sales (55% down from 1/2021)
Note: This was the 20th month in a row that sales were in excess of inventory at the beginning of the month making this the tightest market in the North Bay.
- Median price for closed escrows: $650,000 (17% above 1/2021)
- Average days on market: 30
Real Estate is always fluctuating but no matter what, there are always Sellers and Buyers around – especially in California! So, as a Real Estate Agent, a Mortgage Broker or even Lender, knowing that Private Money financing can be beneficial to those Buyers & Borrowers who need a FAST loan or are turned down elsewhere, we could help! Check us out online at www.Sunpacificmortgage.com and reach out with questions or scenarios through there or by phone at 707-523-2099.